U.K. GDP drops 2% in first quarter in worst fall since financial crisis
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U.K. GDP drops 2% in first quarter in worst fall since financial crisis
U.K. GDP fell 2% in the first quarter, the Office for National Statistics said, which was the worst performance since the financial crisis in 2008. The 2% decline did however beat economist estimates for a 2.6% drop.
"With the arrival of the pandemic nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall. Services and construction saw record declines on the month with education, car sales and restaurants all falling substantially. Although very few industries saw growth, there were some that did including IT support and the manufacture of pharmaceuticals, soaps and cleaning products. The pandemic also hit trade globally, with UK imports and exports falling over the last couple of months, including a notable drop in imports from China." said Jonathan Athow, deputy national statistician for economic statistics.
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